Stocks
ISE employees terminated without a penny in compensation

Inter-connected Stock Exchange could not recommence its trading platform due to non-fulfillment of criteria. Are its employees bound to suffer even after working sincerely?

 

With ISE unable to recommence its operations as the trading platform, it has applied to SEBI for an exit from the stock exchange.


Inter-connected Stock Exchange of India Limited (ISE) is a national-level stock exchange, providing trading, clearing, settlement, risk management and surveillance support to its Trading Members. ISE incorporated as a company limited by guarantee in January 1998. It has 791 Trading Members, located in 84 cities spread across 18 states. These intermediaries are administratively supported through the regional offices at Delhi, Kolkata, Patna, Ahmedabad, Coimbatore and Nagpur, besides Mumbai.


According to the employees, they ‘dedicated’ themselves to work and enabled ISE to be inspected by SEBI, which SEBI completed successfully. As a result of this, SEBI issued a letter dated 10 January 2013, allowing it to recommence its trading platform as per the laid down criteria. In October this year, however, SEBI directed all exchanges that do not possess a trading platform with an annual turnover of at least Rs1,000 crore and a net worth of Rs100 crore, and that do not have a tie-up with a clearing corporation, to exit. Thus, 14 regional exchanges including the Inter-connected Stock Exchange, were required to wind up operations.


As a result of the above direction, ISE terminated all employees. Representations were made to the Board of Directors, proposing that if the shareholders decided for an alternate business, the very same set of employees would extend the same dedication to build the new business. Or in the event of termination, employees are compensated appropriately.


The shareholders, however, pressurised the broad of directors not to provide any compensation to the staff. Instead the ISE directors met SEBI officials to complete their exit from the stock market. Once ISE exits, the chance of employees getting any compensation also exits. So much so that even paying statutory dues might be a far cry.


Though ISE employees have made several representations to the management, they have laid on deaf ears.


Instead of abrupt ousting, the management could have made a more suited exit plan for employees, giving them appropriate compensation and time to look for employment elsewhere!

User

COMMENTS

Pearl Mehta

2 years ago

This news is false & fake. for near about more than 5/6 years ISE gave good payment & good bonus to their employee............but not a single employee have any work from last 6 years..they only taking payment

Union Carbide's ex-CEO Warren Anderson dead, Bhopal Gas Tragedy goes unpunished

Warren Anderson, who was Chairman of Union Carbide Corporation at the time of the Bhopal Gas Tragedy, died on 29 October 2014 at the age of 92 years

 

Warren M. Anderson, a Brooklyn carpenter’s son who ascended to the top of the Union Carbide Corporation, where he grappled with the ravages of a poisonous gas leak at the company’s plant in Bhopal, India, in 1984 that killed thousands in one of history’s most lethal industrial accidents, died on 29 October 2014 at a nursing home in Vero Beach, Florida, USA, reports The New York Times. He died at the age of 92 years.

 

The Bhopal disaster occurred in a factory belonging to Union Carbide's (UCC) Indian subsidiary, Union Carbide India Limited, in the city of Bhopal, Madhya Pradesh, India during 1984. Thousands of people died and thousands more were injured in the disaster.

 

As the UCC CEO, Anderson was charged with manslaughter by Indian authorities. He flew to India and was promptly placed in custody by the Arjun Singh-led Madhya Pradesh government. Anderson posted bail, returned to the US, and refused to return to India.

 

He was declared a fugitive from justice by the Chief Judicial Magistrate of Bhopal on 1 February 1992, for failing to appear at the court hearings in a culpable homicide case in which he was named the chief defendant. The chief judicial magistrate of Bhopal, Prakash Mohan Tiwari, issued an arrest warrant for Anderson on 31 July 31 2009. The United States has declined to extradite him since the first extradition request in 2003 citing a lack of evidence.

 

While he remained unpunished by the Indian Courts, he was both afraid and repentant.

 

In an interview with The New York Times five months after the tragedy, Mr Anderson spoke of his feelings of loss and helplessness: “You wake up in the morning thinking, can it have occurred?” he said. “And then you know it has and you know it’s something you’re going to have to struggle with for a long time.”

 

The Indian government and Indian activists have contended in both the press and the Courts that slack management and deferred maintenance caused the disaster. Union Carbide, on its part, stuck to its damage control of corporate image, which The Times, London described as finding a balance between “the instincts of human compassion, the demands of public relations and the dictates of corporate survival.”

User

COMMENTS

Satish Chandra

2 years ago

Mother-Chod stupid Indians! This is a post I made a couple years ago:-

"Posted by SatishChandra on Jan 12,2011 20:34 PM
Stealth or no-stealth, 5th generation or 4th generation, fighter aircraft are as obsolete for India's defence as bows and arrows. They can be used against neighbors such as Pakistan and China but the United States is EVERYBODY'S neighbor. It has already invaded and occupied Afghanistan, a part of traditional India and will expand its occupation to the rest of the subcontinent. I am India's expert in strategic defence and the father of India's strategic program including the Integrated Guided Missile Development Program. The U.S. invasion of Afghanistan means the coast-to--coast destruction of the U.S. by India; see my blog titled 'Nuclear Supremacy for India Over U.S.', which can be found by a Yahoo search with the title, for what India needs to do. Russia and other white countries are U.S. allies. These are the enemies to destroy. All other enemies will be taken care of automatically. Conventional arms are worthless for destroying the United States. Nuclear arms to destroy the United States with a FIRST STRIKE -- this is the key -- are cheap and easy to produce with technology India already has. All the money earmarked for fighter aircraft etc., and more, must be pumped into research, development and production of missiles able to deliver India's nuclear warheads -- in the thousands -- to the continental United States. India's missile scientists & engineers should have tested such missiles to their full range decades ago -- everything else, including short and intermediate range missiles and missile defence, is secondary and tertiary -- but have not done that because of prohibitions by India's C.I.A.-controlled governments. This must be done on a war footing after first destroying RAW through which the C.I.A. rules India; see my blog. Satish Chandra"

Since I wrote the above India's nuclear warheads have been emplaced in Washington, New York and other U.S. cities to destroy Washington and New York (with a signal from anywhere in the world with a warning that additional U.S. cities will be destroyed if there is any retaliation or sign of retaliation; no need to eject or suffer the aches and pains of ejection and no need for missiles). Mother-Chod Indians are too stupid to understand this but luckily only one person is needed to do this; no need for an air force or its stupid paraphernalia. If Mother-Chod defence journalists do not understand this, they can move to New York and see it first hand.

Blowing up Washington and New York will also immediately solve the Kashmir problem.

Satish Chandra

SC may test constitutionality of defamation laws on Dr Subramanian Swamy's petition.

Dr Swamy's petition is with regard to the unconstitutionality of Section 499 and Section 500 of the IPC, because, as he has pleaded, they are against the spirit of Article 19 (2).

 

A Supreme Court bench comprising Justice U U Lalit and Justice Dipak Misra, stayed criminal defamation proceedings against Subramanian Swamy on Thursday.

 

Subramanian Swamy was facing five defamation cases filed by the Tamil Nadu State Government for his comments against the then Tamil Nadu Chief Minister J Jayalalitha.


While staying the defamation proceedings in the Chennai Sessions Court, the SC also sent notices to the Tamil Nadu Government and the Union of India.


Dr Swamy's petition is with regard to the unconstitutionality of Section 499 and Section 500 of the IPC, because, as he has pleaded, they are against the spirit of Article 19 (2).


“It is the Petitioner's argument that the law is violative of the fundamental rights guaranteed under the Constitution of India and is not saved by any exception, in as much as, it has degenerated into a tool of harassment,” Dr Swamy had pleaded, in his criticism of the Colonial era law.


In 1962, the SC had read down the definition and scope of Sedition, which was another Colonial relic.  In the case cited by Dr Swamy, R  Rajagopal  alias  RR  Gopal  and  Another  vs. State of Tamil Nadu  and Others (1994) 6 SCC 632, the SC had said, “In all this discussion, we may clarify, we have not gone into the impact of Article 19(1)(a)  read  with  clause  (2)  thereof  on Sections  499  and  500  of  the  Indian  Penal Code.  That may have to await a proper case.”


If as a result of this case and Dr Swamy's pleadings, the SC does read down this case, a seriously misused tool would become unavailable to the powers that be and as such, it would be a significant victory for the freedom of expression.

 

The Order is appended below:

 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)